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Intellinews - Romania Pharmaceutical Report - May 2013

  • June 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 14 pages

Romanian’s pharmaceutical market measured at distribution prices level expanded by 3.6% y/y (4.3% % y/y in local currency) to EUR 691.9mn (RON 3.1bn) in Q1/2013. Nonetheless, on a quarterly basis, the pharma sales declined in RON terms, indicating that the market is struggling difficulties coming not from weak demand (which is actually on the rise), but from regulatory and legislative constraints. OTC sales actually outperformed visibly the sales on prescription, witnessing robust demand rise. The sales of OTC drugs increased by 9.5% y/y in Q1, while the prescription-drug segment increased more modestly by 1.7% y/y – both rates expressed in euros. The sales of prescription-based drugs slowed down more visibly when expressed in q/q terms and recorded the lowest annual dynamics in the past seven quarters, as the sales on prescription were hurt by regulatory restrictiveness, mainly associated with the clawback system.

Prospects for the full-year pharma sales in 2013 remain moderate, since the rise in OTC sales is unlikely to fully offset the shrinking sales of prescription-based medicines. Market projections expect 1.4% y/y advance in local currency, while in EUR and USD terms pharmaceutical sales could even decline, depending on the evolution of the exchange rate.

The pharmaceutical companies have been increasingly cautious regarding their portfolios since the introduction of the controversial clawback tax in 2012 and started to adjust product assortment in order to avoid situations in which they become liable to pay back significant amounts. Some producers chose to remove prescription-based medicines that are no longer profitable under the current taxation system, while at the same time, paying increasing attention to their OTC portfolios. The Romanian market thus follows the same pattern in the CEE region, where the pharmaceutical market growth is concentrated on the OTC segment. Nonetheless, we note that the good dynamics of the OTC segment has limited impact on the Romanian market- as the bulk of sales is generated by the prescription-based medicines – in Q1/2013, sales of OTC drugs accounted for 15.6% of the total, while Rx retail sales accounted for 71.1% of the total pharmaceutical sales.

Table Of Contents

Intellinews - Romania Pharmaceutical Report - May 2013
Executive summary

Market overview
Pharma market increases x.x% y/y to EUR 691.9mn in Q1/2013
Health Ministry suspends exports of cytostatics by yearend
Drug producers' association ARPIM, Health Ministry conclude agreement
Ranking of top 10 pharma companies maintains unchanged in Q1/2013

Domestic production of medicines reaches around EUR 250mn per year
Antibiotice Iasi to maintain focus on exports in 2013
Zentiva's revenues, profit improves y/y in Q1/2013, plans EUR 2.5mn CAPEX
Labormed to reorient towards exports
Biofarm's revenues, profit record double-digit y/y growth in Q1/2013
Gedeon Richter's sales in Romania rise x.x% y/y in Q1/2013
Actavis to launch 13 new products this year, plans revamp of OTC portfolio
Terapia Ranbaxy's sales rise xx% y/y to RON 111mn in Q1/2013

Distribution and Retail
Centrofarm pharmacy chain expands by four units in Jan-May
Revenues of Dona pharmacy chain stagnate y/y in 2012
Gross turnover of Farmexim group reaches RON 1.7bn in 2012
Farmaceutica Remedia reports rising revenues y/y in Q1/2013, plans acquisitions
Distributor Ropharma targets x.x% rise of sales revenue in 2013
Distributor Polisano expects double-digit advance of sales, profit in 2013

List of Tables

Table 1 Pharma quarterly sales in 2010-2013 (RON mn, EUR mn, y/y, PPP)
Table 2 Trailing 12 months pharma sales in 2010-2013 (RON mn and EUR mn, y/y)
Table 3 Sales in past 12 months ending Mar 2013 by therapeutical groups
Table 4 Top pharma companies ranking in 2012-2013 (12M ending Mar)
Table 5 Biofarm SA - Selected financials in 2012-2013 (RON mn, y/y)

List of Figures

Figure 1 Pharma quarterly sales in 2005-2013 (EUR mn, PPP)
Figure 2 Structure of pharma sales in Q1/2013 vs Q1/2012, FY 2012 (% in total)
Figure 3 Pharmaceutical sales in 2005-2013f (annual, RON mn, y/y)
Figure 4 Top 10 pharma companies in 12M ending Mar 2013 by market shares (% of total pharma sales)
Figure 5 Pharmaceutical products - Foreign trade in 2003-2013 (monthly, EUR mn)

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